Maximum Social Security Benefit 2007Social Security incomeSocial Security is based on a sliding scale depending on your income, how long you work and at what age you retire. S…ocial Security benefits can automatically increase each year based on increases in the Consumer Price Index. Including a spouse increases your Social Security benefits by 1.5 times your individual estimated benefit. Please note that this calculator assumes that you have only one working spouse. Benefits could be different if your spouse worked and earned a benefit higher than one half of your benefit. If you are a married couple, and both spouses work, you may need to run the calculation twice - once for each spouse and their respective income. This calculator provides only an estimate of your benefits. The calculations use the 2007 FICA income limit of $97,500 with an annual maximum Social Security benefit of $25,392 per year for a single person and 1.5 times this amount for a married couple. To receive the maximum benefit would require earning the maximum FICA salary for nearly your entire career. You would also need to begin receiving benefits at your full retirement age of 66 or 67 (depending on your birthdate). Your actual benefit may be lower or higher depending on your work history and the complete compensation rules used by Social Security.

Typically, a disabled worker may expect to receive $1,067 in disability payments every month. However, if the claimant has a spouse and a child, the average monthly social sec…urity benefits may increase up to $1,813. Monthly SSI benefits are lower and single beneficiaries may receive $674 monthly but for couples, the payment may increase to $1,011. In 2010, the maximum individual benefit is $2,346, which assumes 35 working years paying the maximum FICA contribution. A disabled person with a family can receive a maximum family benefit for a qualifying spouse and children of $4,222.80. These numbers are unrealistic for most people, however. In 2010, the average disability benefit is $1,065.90. The average payment for qualifying minor dependents is $317.10 each, terminating the month before the child turns 18 (or 19 if still in high school). Under certain circumstances, the spouse of a disabled individual may also collect a small monthly stipend, averaging about $286.70 per month. The family maximum is 150-180% of the disabled worker's benefit.

Social Security retirement benefits are calculated for each individual, based on his or her own earnings, assuming both parties worked and accumulated the minimum 40 credits e…ach to qualify. Spouses who were homemakers or disabled may draw against the working spouse's record, and typically receive 32.5 - 50% of the spouse's monthly benefit. In 2010, the maximum individual benefit is $2,346 (or $4,692 for a couple). This assumes the person retires in 2010 at age 66, and has made the maximum FICA contribution every year since age 21, an unusual scenario. The average monthly payment at the beginning of 2010 was $1,164.00. Benefits are calculated based on the number of years worked, your 35 highest income-earning years, and the age at which you retire, as well as the total amount of all benefits paid and the total number of people receiving benefits. It would be impossible for us to calculate this number for you, and also impossible to predict any changes in your income or made to government policy between now and when you retire. You can get a rough estimate of projected retirement income using the SSA benefits calculator, accessible via Sources and Related Links, below.

The exact amount of your benefit is calculated based on the average of your 35 highest-earning years, which varies by individual. At age 62, you would receive 75% of the amoun…t that you would qualify to receive if you waited until your Full Retirement Age (66 if you were born between 1943 and 1954). The maximum retirement benefit is $2,346. This is based on a person retiring at age 66 in 2010, after making at least 35 years of maximum FICA contributions. At age 62, that person would receive $1,759.50 per month. The average monthly benefit for a retired worker is $1,164. At age 62, that benefit would be permanently reduced to $863.00 per month (not including periodic cost of living adjustments).

In 2010, the maximum individual benefit is $2,346. This assumes the person retires at the full retirement age of 66, and has made the maximum FICA contribution every year sinc…e age 21, an unusual scenario. The average monthly payment at the beginning of 2010 was $1,164.00.

After "full retirement" age (currently 66 for people reaching retirement this year) there is no limit. I am 67 and still earning in the six figure range and get full social se…curity. People taking retirement at 62 can earn up to $14,640 without any reduction in their benefits; for income over that limit, benefits are reduced by $0.50 for every $1.00 earned. The ammount you lose is reduced on a sliding basis until at full retirement age there is no reduction.